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“The consumer can choose what to pay, and that keeps the company really focused on keeping the consumer happy,” he says.
EarnIn objects to the characterization of its product as a loan or cash advance in part because it doesn’t pursue borrowers who don’t repay them, as lenders often do. The app says it offers “access to earned wages.” But consumer advocates say that, like lenders, cash advance apps act as intermediaries that provide cash and take it back on the following payday.
An analysis by the California Department of Financial Protection and Innovation (DFPI) of more than 5.8 million transactions across three tip-based apps in 2021 showed that users added tips on over 70% of transactions. -
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Here’s a typical borrowing scenario: A user opens the app and requests an advance. Qualification requirements vary, but most apps review transaction history from a connected bank account or a work time sheet the user has provided to determine the advance amount. Once approved, the app displays the repayment date — typically the user’s next payday — and requests a tip before sending the cash.
Cash advance apps say tips allow borrowers to decide what to pay because if they can’t afford to tip, they don’t have to. Sharmaine Rouse, who uses the popular app EarnIn, says she prefers an optional tip to the mandatory fee common with payday loans.
“I think the tipping option is a little better than them forcing you to pay a fee because at the end of the day, it’s still your own choice; you can put zero if you wanted to,” she says.
EarnIn CEO Ram Palaniappan says the tipping feature forces the company to provide a product worthy of a tip. -
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Imagine your bank’s ATM asking for a tip when you withdraw money. You insert your debit card, select $40 and before the machine gives you cash, it requests a small gratuity. Would you pay it?
That’s the proposition of many cash advance apps that promise fast advances on money you’ve earned, charging low or no mandatory fees for up to $200 or more. In return, they ask for a tip if you value the service.
The experience leaves it up to borrowers to assess how much a cash advance is worth — a decision that may be no easier to make on an app than when in a coffee shop.
The apps say the tipping model gives users the flexibility to pay what they can afford for the advance, rather than charging a mandatory fee. But consumer advocates say a tip request isn’t a transparent way to disclose what they view as interest on a loan.
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